Swiss National Bank Buys 22,600 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Swiss National Bank increased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 1.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,142,200 shares of the electric vehicle automaker's stock after acquiring an additional 22,600 shares during the period. Swiss National Bank owned about 0.19% of Rivian Automotive worth $26,670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Caisse Des Depots ET Consignations bought a new stake in shares of Rivian Automotive in the 1st quarter valued at about $2,807,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Rivian Automotive by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker's stock valued at $62,882,000 after acquiring an additional 309,787 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new stake in shares of Rivian Automotive in the 1st quarter valued at about $1,635,000. Tidemark LLC lifted its stake in shares of Rivian Automotive by 251.8% in the 1st quarter. Tidemark LLC now owns 3,972 shares of the electric vehicle automaker's stock valued at $49,000 after acquiring an additional 2,843 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after acquiring an additional 5,610,688 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Mizuho boosted their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wedbush reduced their price target on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Robert W. Baird reduced their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Jefferies Financial Group restated a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of "Hold" and a consensus target price of $13.73.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,757 shares of company stock worth $2,995,557. Insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

Shares of RIVN opened at $11.97 on Wednesday. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The business's 50 day moving average price is $13.28 and its 200-day moving average price is $12.96. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15. The stock has a market cap of $13.53 billion, a P/E ratio of -3.71 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the firm earned ($1.46) earnings per share. The business's revenue for the quarter was up 12.5% compared to the same quarter last year. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.

Want to see what other hedge funds are holding RIVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.